Do You Need to File Taxes?
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so. For…
Chris Johnsen is here to help with your tax needs!
Chris Johnsen is an Enrolled Agent and Certifying Acceptance Agent who has been preparing individual, partnership and S-Corp returns since 2001. Chris has an undergraduate degree in Finance from Georgetown…
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of…
IRS Tax Problems
The IRS may be your worst enemy right now, always calling and sending you harassing letters about the taxes you owe them. You may be experiencing the following problems with…
Making large gifts now won’t harm estates after 2025
individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is…
New IRS Private Collection Program
The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it. The groups are: CBE Group of Cedar Falls, Iowa; Conserve…
What are your options to pay your back tax debt?
Once the tax returns are processed, we know exactly how much Mr. Jones owes. Sometimes, if the client is an employee and has had sufficient withholding taken out, they don’t…
Here’s how tax reform changed accounting methods for small businesses
The Tax Cuts and Jobs Acts – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines…
Business owners can claim a qualified business income deduction
Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction…
Tips for taxpayers who need to reconstruct records after disaster strikes
After a disaster, taxpayers might need to reconstruct records. This could help them prove their losses, which may be essential for tax purposes, getting federal assistance or insurance reimbursement. Here…